Ali, an analyst, recently shared an analysis on X that shows Shiba Inu could go up a lot because a bull flag pattern has formed on its daily price chart.
The bull flag pattern is an important idea in technical analysis (TA). It shows a short-term time of stability within an upward trend. Ali said the pattern is like a flag on a pole, with the rise in the beginning being the pole and the consolidation being the flag.
This time of gathering is shown by two lines that run next to each other. The price peaks are linked by the top line and the price troughs are linked by the lower line.
When prices break above the upper resistance line, it is usually seen as a bullish sign that the rise will likely continue. On the other hand, when prices break below the lower support line, it could mean that the trend is moving toward the bears.
Shiba Inu Awaits Bullish Breakout
Due to Ali’s study, the price of Shiba Inus has stayed in this bull flag pattern for a few weeks now. Because of this, Ali believes to put in buy orders around $0.000018343 and wait for a positive breakout with a target of $0.000072323. We can tell what this goal is by how tall the tower is.
The price of Shiba Inu is over 244% below this bullish goal, so if it hit it, it would be an enormous rise. In order for the price to reach the goal, it would have to go up over 294% from where it is now.
There is a possibility that Shiba Inu might move upward if it breaks above the bull flag pattern. The coin’s value has dropped more than 18% in the past week, and it is now worth about $0.00002210.
Shiba Inu is likely to soon break out of the bull flag pattern. The market wants to know what will happen and how the price will respond to the positive momentum that will follow.
